Trump is on what I call a suicide run. He’s the equivalent of a disturbed man in a small car who puts the petal to the metal in an effort to get into a secure FBI facility, and either they’re going to lower the barrier allowing him through or he’s going to plow right into it and crash spectacularly. When Trump loses the election we’re going to see a quite the meltdown.
“If”, if you excuse my laconian.
To be sure I understand correctly: The court decreased the amount of the bond, but not of the judgement. If Trump’s appeal is unsuccessful, then the state of New York will immediately take full ownership of the amount of the bond, and then will also immediately start foreclosing on properties until they have enough to add up to the full value of the judgement, correct?
They will probably allow a “reasonable” timeframe for Trump to cough up the rest so I doubt the property grab will start “immediately”, but given that Trump will have had plenty of time to prepare for such an eventuality I suspect the inevitable request for a further extension will be denied.
Of course, the state will also have had plenty of time to prepare its planning and paperwork, so once the grabbing starts things are gonna get grabbed good.
Correct. That agrees with everything I’ve read on the topic.
Posting the 175 million bond isn’t a bad thing from the DA’s perspective. That way the moment Trump loses his appeal they’ll simply be able to take that immediately instead of having to chase the money down over undoubtedly many months and legal filings.
And then they can use that money to chase the rest.
it will be quite the mess when the appeals don’t go his way. he has 3 amounts basically in escrow. two for e jean carrol cases, and one for ny.
the ny one is slated the september. the two for e jean carrol are at least 9 months out.
Ok, according to this article Mr. Hankey is quoted as saying
Is it possible he means that the collateral was a low number compared to the $175M?
If that is the case, if Trump loses the appeal, Knight Insurance is out the $175M, and has to chase down Trump for the remainder. Chase him down while NY is actively seizing assets and selling them off for the remainder of what they are owed?
That sounds insanely risky to me.
Not risky because that isn’t how it happens. As has been explained above they will be able to seise property from Trump immediately on the appeal failing. Companies like Knight do not have success in this field without knowing how to protect themselves from risk. Knight and NY will be able to seize everything they need to satisfy the debt. DJT will not be able to wiggle his way out of it.
He’ll have a gadfly influencer’s power because the cult will never die until he does (at the earliest, he may become an occultated Saint to the nuttiest even after that). He could continue to shove the Republican party policy hither and fro to at least some extent.
He will have money. The continuing grift of his followers will at least guarantee that. But even beyond that he would continue to live in grand style until the day he dies unless he gets actual prison time. These lawsuits and the payouts may, at the worst, ultimately be crippling for his business empire. But it won’t kill it dead before he goes.
Trump and his spawn will be fine. Diminished perhaps, but fine. And that’s not me being cynical, just realistic. Karma is a lovely concept, but it is not an actual thing that exists.
I appreciate that, but if Hankey’s quote is accurate (maybe it isn’t) and “all” of the collateral was put up in cash, then there won’t be a pre-defined list of assets for Knight to seize. Knight and NY will both be grabbing at the same assets at the same time.
That seems like a suboptimal situation for Knight.
Nope. Again, I assume Knight knows their business, and they insisted on unencumbered collateral. Seriously, unless this is some kind of bribery situation, firms like Knight do NOT put themselves in a position where they won’t get their money, including the fee.
Trump had no leverage in the negotiation. Knight would have been glad to walk away if they didn’t get what they needed.
It would shock me if the bond provider thoroughly presented the specific terms of their private contract. And it would shock me just as much if that bond provider did not ensure that they had bullet-proof access to collateral they considered sufficient.
If Knight is in Chump’s pocket, and wishes to take on risk by offering an inadequately supported bond, that is their business. When/if the appeal fails, Knight will have to pay NY, and then Knight can take whatever actions WRT Chump it feels appropriate.
Specifically, the collateral is a brokerage account. It might not strictly be cash, but whatever’s in it can be easily and quickly converted.
Fair enough, I’ll accept that I misunderstood his quote and that Knight won’t be scratching for assets if/when the appeal fails.
Two answers:
Trump wins in 2024, then pressure will be applied and the state will drop their lawsuit under threat of having all federal funds cut for deniable “reasons”. (and that’s best case) Bond becomes a non-issue.
Trump loses in 2024, Trump has nothing left to loose, and he says screw them all, refuses to pay anything to anyone, and rides it out on trials, counter-trials, appeals and bankruptcy effortlessly prior to falling over in bed, still living an enviable lifestyle to the end.
A flower child he is not.
AIUI, the entities that covered his bonds would automatically take possession of the accounts he put up for collateral. He’ll have no recourse to refuse to pay anything.
I doubt it would be that easy no matter the law involved, he’d immediately have his lawyers claim false pretenses, duress, or pre-emptively declare bankruptcy. All he has to do at that point is run out the clock and/or live long enough to the next election, where he can run again or apply pressure to another Republican candidate to pardon him.